Russia will increase its mineral extraction tax (MET) of coking coal by at least 25% from January 2022, with the possible great increase in tax rates.

Russia formulated a formula to link the MET rate to global commodity prices, so the tax on coking coal will be different from the current fixed tax rate and will be linked to the exchange rate.

The Federal Assembly approved amendments of the tax law in the third reading, including the change in the calculation of MET for various mineral resources.

The changed law change is now awaiting approval from the Federation Council, and then it will be waiting to be signed by the president.